Olive oil price hits the skids
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The struggling economies of Southern Europe could face another blow in the coming months as the price of a key export – olive oil – is set to hit a 10-year low.
Spain, Italy and Greece are the largest producers of the Mediterranean staple, accounting for 70 per cent of the world's olive oil output. IMF figures show that this month, premium extra-virgin olive oil fell to £1,850 a ton, the lowest price since 2002, and almost half the 2005 price.
The dramatic drop in price was caused by a bumper crop this year in Spain. The price drop has been accompanied by a dip in consumption in Italy and Greece, as consumers choose cheaper varieties such as vegetable oil.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments